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Hedge Fund Gets State Incentives For Headquarters

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STAMFORD, Conn. (AP) _ Gov. Dannel P. Malloy says a Connecticut hedge fund plans to build a $750 million corporate headquarters in Stamford, creating up to 1,000 high-level jobs within 10 years.

Malloy said Wednesday that Westport-based Bridgewater Associates will build the project along the waterfront in the Harbor Point development and retain its workforce of 1,225 employees along with the new jobs.

Officials say state support for the project will come from Malloy’s “Next Five” economic development program and includes a $25 million forgivable construction loan at a rate of 1 percent for ten years. The assistance also includes a job training grant of up to $5 million, a grant of up to $5 million for installing alternative energy systems and up to $80 million in urban and industrial sites reinvestment tax credits.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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